It is a fact that many pension plans are expensive, poor performing and do not provide good value for money.
If you have a personal pension, stakeholder, with profits pension, group personal pension, or money purchase pension you are more likely to be in a bad rather than good one.
How bad could it be?
Many of the well known high street pension providers and those firms who in the past had large sales forces visiting people in their homes tended to invest clients money is what is called Balanced Managed Funds. These have not performed well against each other or investment markets in general.
On a Bid to Bid basis the difference between the best and worst Balanced Managed Pension Fund, over the last 5 years is 57.8%.
Considering that your pension may be invested for up to 40 years you will appreciate that if the difference between the best and worst Balanced Managed Funds over just 5 years is in excess of 50% then the difference over the lifetime of your pension could be staggering.
Usually if you are unsure about the performance of something you get in touch with the person or place that you purchased it from. In the field of pensions unless that source is an independent one you will be calling your own pension provider and they can only tell you about their own product.
You are likely to be fobbed off if you question the charges and investment performance because that provider cannot tell you about any other pension options that are available.
You need to get your pensions independently reviewed. If you have got a good one an independent source will be happy to tell you this is the case and explain why. This should put your mind at rest. If you have a bad one you will find out and be offered some advice on how to make changes.
Reviewing and then transferring your pension, if appropriate, is not complicated and no one needs to visit you. A simple 3 step process should be followed.
1. Gathering information about you and your pensions.
2. Recommendations are made for you to consider.
3. If appropriate, the documentation to make this happen is managed for you
Pension Transfer Review and Recommendation Reports are Free, Independent and without obligation.